Find mean and standard deviation of the difference in price

Assignment Help Basic Statistics

Reference no: EM131418507

Each year a company must send 3 officials to a meeting in China and 5 officials to a meeting in France. Airline ticket prices vary from time to time, but the company purchases all tickets for a country at the same price. Past experience has shown that tickets to China have a mean price of $1000, with a standard deviation of $150, while the mean airfare to France is $500, with a standard deviation of $100.

a) Define random variables and use them to express the total amount the company will have to spend to send these delegations to the two meetings.

b) Find the mean and standard deviation of this total cost.

c) Find the mean and standard deviation of the difference in price of a ticket to China and a ticket to France.

d) Do you need to make any assumptions in calculating these means? How about the standard deviations?

Reference no: EM131418507

Questions Cloud

Verify that a normal model can be used in given situation : Psychiatrists estimate that about 1 in 100 adults suffers from bipolar disorder. What's the probability that in a city of 10,000 there are more than 200 people with this condition? Be sure to verify that a Normal model can be used here.

Thoughts on the following ethical dilemma : For this week, discuss your thoughts on the following ethical dilemma: You work in HR at a major consulting firm and one of the consultants comes to you and says that he cannot in good faith take an assignment at the Philip Morris company because ..

Identify potential physical threats that require attention : Identify at least five potential physical threats that require attention. Determine the impact of at least five potential logical threats that require attention.

Customer service you feel technically well prepared : Suppose you have been hired as the new supervisor of a customer service team for a cell phone company. With four years of customer service you feel technically well prepared. However, it is your first formal appointment as a manager. What skills wi l..

Find mean and standard deviation of the difference in price : Find the mean and standard deviation of the difference in price of a ticket to China and a ticket to France.- Do you need to make any assumptions in calculating these means? How about the standard deviations?

Determine enduring leadership : ADVANCED BRAND MANAGEMENT - Dedication to a brand is vital for sustained brand leadership. Discuss the five (5) factors that determine enduring leadership. Ensure you address all five factors in context of the Levi case study.

Analyze and synthesize data acquired from integrative case : The Portfolio Project is due at the end of Module 8. For the Portfolio Project, you will analyze and synthesize data acquired from the Integrative Case, B.R. Richardson Timber Products Corporation (pp. 750-763 of the textbook), and present the find..

Explain to new products-re-branding of existing products : Find example of article from the internet. Describe the article and explain to new products, re-branding of existing products, new logos, or any other branding topic. The article should be at least two paragraphs long. Include a link to the article.

Whats probability that a worker selected at random is female : What's the probability that a worker selected at random is female?- female or a production worker?- female, if the person works in production?

User Account

All Pages